VersaBank - February 2021

Disclosure, Disclaimer, and Wavier of Liability

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Our investment thesis for VersaBank (TSX:VB) is that the pricing power and risk management benefits of its technology-based business model provide multi-year double-digit EPS growth potential, with further growth upside from tech subsidiary DRT Cyber. Overall, 1Q21 results and management commentary support our thesis with evidence of significant loan growth in 2021. In addition, VB will launch the world’s first deposit-based digital currency which has potential to address demand for a transparent and safe stablecoin option.

Disclosure, Disclaimer, and Wavier of Liability

VersaBank – February 2021